Billionaire Bill Miller: Bitcoin Is 'Insurance' Against Financial Catastrophe

On May 24, Miller reportedly expressed his support for Bitcoin on a May 24 episode of the podcast "Richer, Wiser, Happier," arguing that it is a means by which people caught in conflict can still access financial products. He cites the collapse of Afghanistan's financial infrastructure after the U.S. withdrawal in August 2021. When the U.S. withdrew from Afghanistan, Western Union stopped sending money to Afghanistan, and it stopped accepting money from Afghanistan, but if you have bitcoin, you're fine. Your bitcoins are there. If you have a cell phone, you can send it to anyone. Miller said the example of how bitcoin can function as insurance doesn't "have to be all-or-nothing," pointing to bitcoin's performance in the early stages of the Covid-19 pandemic and the Federal Reserve's response to it. When asked if he still holds bitcoin, Miller confirmed that about "40% - 50%" of his funds are invested in Amazon stock, which he holds "about the same as Amazon stock," adding his 80% net worth is divided between these two assets.